Coiniers

Coiniers is an offshore broker that plates some suspicious trading terms, and while it may seem like it cares for its traders, but as we shall see, things are not so simple.

Coiniers is operated by Affort Projects S.A, a company that is located in Seychelles. In Seychelles the  Financial Services Authority (SFSA) is responsible for issuing licenses to wanna be brokerage firms. After a quick search in the SFSA’s database of regulated entities, we found no results for both broker and parent company. Before concluding, we want to say that it does not say anywhere that the broker is actually a license holder. Furthermore,in the footer there is a mention of an address in the United States. The US is the most austere regulatory environment in the world, meaning that there is zero chance that Coiniers is registered there. So, we can safely conclude that Coiniers is UNREGULATED.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

Aside from the lack of a license, Coiniers also has a number of obvious red flags, like a lack of legal documents aside from the Terms and Conditions. The other big issue is the simple website, that consists of just a handful of sub-pages.

Anyway, we were able to register and open the client area. Coiniers as it turns out is a bitcoin/ethereum investor, where users invest in one of two cryptocurrencies and hope to profit. Sounds simple, but this is one of the easiest way to trick clients into depositing.
There are no other trading conditions.

COINIERS LOGIN

Since Coiniers is a crypto investor, there is no real trading platform, which technically removes the broker title from Coiniers. Users bet on either bitcoin and ethereum, and hope to get some profit. We assure users that this is a scam. Digital currencies are an ambiguous asset, and as such offer a high-risk environment for users who are not crypto-learned.

COINIERS MINIMUM DEPOSIT

Users are able to deposit only via bitcoin, and the minimum deposit is $1. Bitcoin is untraceable, and as such is the most dangerous way to deposit. This info is taken directly from the client dashboard.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

COINIERS WITHDRAWAL TIME AND FEES

Without depositing users will not be able to get withdrawal info from the dashboard.

According to the legal document, the minimum withdrawal is $50. Said document is full of contradictory and confusing withdrawal info, claiming that users can withdraw (even deposit) via bank and other irrelevant methods, even though the dashboard offers no such options. There is also talk of fees that have not been disclosed. Also withdrawal processing times range from 1 hour to 5 days. Needless to say, this total mess showcases the illicit nature of Coiniers.

ADDITIONAL FEES AND TAXES

Users have to do a trading volume of 20 times the original deposit + bonus if they wish to withdraw said amount. What's more is that profit made from bonus can be cancelled:

There are other types of turnover requirements that further the illicit status of Coiniers.

Furthermore, turnovers that have not been met will issue a 20% fee from a withdrawal:

Be sure that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The most sound advise we could give you is to immediately file for a chargeback with you credit card company.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Coiniers is a scam, there is no doubt about it. The broker will surely take your money and never return it to you!